Advice on new Mortgage please

Benjio21

Hi all

This is my first post i hope its in the right place.

So myself and my wife are looking to buy our first house. The worry we have is getting a mortgage.

My wifes credit report is perfect. Good credit history no defaults no outstanding debt. Mine on the other hand is not so great. I have 5 accounts in default. They are all settled and many over 5 years old now. I also have had payday loans which arnt in default and are payed off. These are from 2/3 years ago. I have credit cards, phone ect and havent missed a payment on any of them. I havent defaulted on anything in over 5 years. My credit score still shows as just under good.

We are looking to buy a new build through Halifax with the help to buy scheme. 5% deposit from us 20% goverment.

The house is on for £260000 minus the deposits leaves £193000. We have a combined income of around 50k. This is ovee 30 years.

What are our chance of this going through? Does it look bad due to my credit history?

Thank you.

amnblog

Your chances are slim if you are considering Halifax alone, but will be improved greatly if you use a suitably experienced mortgage broker.

Playing_with_Fire_2

How much does your wife earn? Would she be able to apply for a mortgage in only her name? Defaulted account normally drop off your record after six years, would you be able to wait a year (or the months until they are gone?).

Agreed that this is a complex case and you will be well served by going to an experienced mortgage broker.

Benjio21

Thanks for your replys. My wife only works part time now due to new born baby. We are using a company called threshold mortgages as our broker so its not limited to Halifax but was recommended.

I guess will jist have to hope for the best.

Thanks again